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I know of three factors that will mitigate the blockchain size issues:

1) Developer's are working on software to prune the transaction tree so miners only have to store the addresses that have nonzero balances.

2) Miners can increase their minimum transaction fees to cut down on transaction volume.

3) Moore's law (and similar) conspire to keep an ever-growing blockchain storable and manageable.

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There's no "Moore's Law" for storage yet, that I know of. We've been at 1-3TB disks for, what, 6 years now?

In fact, storage-area density apparently increases more rapidly than does transistor density (i.e. Moore's law).

http://en.wikipedia.org/wiki/Mark_Kryder#Kryder.27s_Law

A PhysOrg.com article reports on a 2009 study by Mark Kryder. According to the report, if hard drives continue to progress at their current pace, then in 2020 a two-platter, 2.5-inch disk drive will be capable of storing more than 14 terabytes (TB) and will cost about $40.

Kryder's law has been massively set back by the Thai floods: http://www.gwern.net/Slowing%20Moore%27s%20Law#kryders-law

Huh? 1tb hdd was released in 2007, 2tb in 2009 and 4tb in 2011. Looks exactly like Moore's law to me though we've been set back by Thai floods of 2011.

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